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How tech is the new make in car rental industry?

How tech is the new make in car rental industry?

By 2030, the concept of private vehicle ownership will be nearly a thing of the past, according to predictions of The World Economic Forum. Experts are calling it the “rentership society” which is driven by Millennials and Generation Z’s who are less inclined to own things and would much rather take part in shared economies and pay for services instead.

The smartphone revolution

The smartphone has fundamentally reshaped the hospitality sector. Consumers are using apps to view and book holidays on the go and the car rental industry is realizing that the future is mobile driven. Finalrentals CEO, Mr Ammar Akhtar commented on this;
‘As a company we believe that our future will be mobile driven. In many cases, apps are already the lens through which we experience the brands we deal with and in future our every business interaction will be driven through smartphone technology.’

More and more car rental companies are innovating to reinvent rental by putting customers at the center and providing ways to make their rental experience better.

Modern mobile apps have the functionality to select a price point, make and model of car, extras like GPS, bike racks, car seats or mobile Wi-Fi, and then allow users to make their booking.

Historically, key management has been an issue for both rental operators and the consumer. Rental agreements have to be signed before a key is issued and car hire companies need to be sure the key is returned.

Keyless technology is now allowing customers to remotely gain access to their vehicles from their mobile devices and enable the ability to start the vehicle as well.

Gone are the days when you have to stand in a long que outside a car rental desk, to book your car.

Finalrentals is one stalwart platform amongst many such pioneering platforms in the car rental industry that have been the torch- bearer in the evolution of digitizing the booking process for car rental services. We have also launched the Finalrentals mobile application, to cater to the app- friendly people who love to use application, for the ease of navigation and experience. You can download the Finalrentals mobile application available in android playstore & IOS App Store and get started with booking a car rental service online.

So when it comes to the car rental sector, technology is promising to leave no stone unturned as it blows its way through the hospitality industry.

See, there’s a similar digital revolution going on in travel, tourism, and hospitality.

Hotels are already being equipped with mobile check-in solutions. Rooms are undergoing a digital makeover with the use of automated control systems for heating, cooling, app-driven room service, and digital assistants.

The rent-a-car market is facing just such a tech turn in the tides in two waves:

First off, rental companies themselves are changing the value prop facing a customer by changing the way bookings are done in tandem with travel.

Secondly, units of cars are being technologically transformed with the digital features necessary to deliver on these brand promises within the driving and on-road experience.

Online rent-a-car search and booking engines

First and foremost, search behavior is changing the way that rent-a-car brands are being found — but, also, it’s allowing the data to drive their own “findability.”

Rent-a-car search is now usually seamlessly integrated into travel and tourism bookings, or hospitality reservations.

In other words, when users search for car rentals online, booking engines will offer highly targeted and specific offers on hotel suites, tours in the location of booking, and other travel-related discounts and promotions to not only incentivize a further purchase but to create an entire experience of travel.

This is known as “in-destination experiences,” this is what’s really at the heart of this rent-a-car transformation.